Former Art Advisor Sentenced to 30 Months in Prison for Fraud
Lisa Schiff, a Manhattan-based art advisor, has been sentenced to 30 months in prison for defrauding clients out of approximately $6.5 million through her art advisory business, according to the U.S. Attorney’s Office for the Southern District of New York. The sentence was handed down by U.S. District Judge J. Paul Oetken.
Schiff, 54, was found to have misused client funds over a five-year period, diverting money intended for the purchase and sale of artwork to cover personal and business expenses. Prosecutors stated that Schiff’s fraudulent activities affected at least 12 clients, as well as an artist, the estate of another artist, and a gallery.
Court documents and statements revealed that from 2018 to May 2023, Schiff engaged in deceptive practices through her business, Schiff Fine Art. She allegedly failed to remit proceeds from artwork sales to her clients while falsely claiming the transactions had not occurred. In other instances, she accepted payments from clients to acquire artwork on their behalf but did not complete the purchases, instead using the funds for other purposes.
In 2020, Schiff reportedly considered confessing to two victims but did not follow through and continued her fraudulent activities for three more years. Her scheme came to an end in May 2023 when she admitted to several clients that she had misused their money.
In addition to her prison term, Schiff was sentenced to two years of supervised release and ordered to pay $6.4 million in forfeiture and $9.1 million in restitution.
The Federal Bureau of Investigation’s Art Crime Team conducted the investigation, and the case was prosecuted by the U.S. Attorney’s Office’s Illicit Finance and Money Laundering Unit.